Nado, the Unified Margin Trading Exchange, announced PRIME, which is set to launch in the fourth quarter

Unified Margin Trading Exchange Nado announced the launch of the on-chain OTC trading venue PRIME, scheduled to go live in the fourth quarter, aimed at connecting institutional market maker liquidity. Institutional liquidity providers will continuously quote and inject tiered liquidity into the dedicated PRIME liquidity pool, while the pricing engine aggregates the total depth from all connected market makers into a single executable streaming price, which is then pushed to traders after adjusting for real-time volatility and inventory. This price can be executed on demand without the need for a quote, with the interaction method closely resembling Nado's existing central limit order book.

PRIME operates in parallel with the Nado order book, rather than replacing it. If the same market exists in both venues simultaneously, positions can be interchanged, allowing traders to open BTC perpetual contracts through PRIME and close them on the order book, or vice versa. Below the displayed price, smart order routing executes trades at the optimal prices from the connected market makers at that time; when a single market maker's depth is insufficient, the routing will prioritize merging liquidity from multiple providers based on price. Nado stated that the trading fee for transactions executed through PRIME is 0. The new market will first onboard market makers rather than accumulating orders on the order book.

The first batch of participants includes Hyperliquid, Variational, Lighter, Extended, and leading traders from Nado, with more information to be announced in the coming weeks. Initially, PRIME will cover crypto assets and perpetual contracts with good liquidity, with the new market going live on PRIME first, and will open to the order book after sustained demand is validated. Future goals include exotic perpetuals, spot, and options. Nado offers spot, perpetual, and currency markets, using unified margin, developed and deployed by the Kraken-related team on the Ink network, which stated on October 26 that its historical cumulative trading volume has reached $10 billion.